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Equity: A price to pay

Mar 1, 2013

The equity markets got off to a better start this year than last, but the results have so far been mixed. Optimists’ mantra that markets are open for the right names at the right price proved to be true in the first weeks of the year.

The equity markets got off to a better start this year than last, but the results have so far been mixed. Optimists' mantra that markets are open for the right names at the right price proved to be true in the first weeks of the year.

Investors are still showing keen interest in Mexico. The Fibra Uno real estate trust raised 22.05 billion pesos ($1.73 billion) in its second equity follow-on, with books multiple times subscribed. The issuer priced at a 4.1% discount and became the first Mexican issuer to exercise a hot issue - a 20% overallotment at the issuer's discretion.

"We are seeing a lot of new investors coming in," Javier Elizalde, CFO of Fibra Uno, said. International investors in particular are becoming more comfortable with the asset.

More than 100 international accounts participated, with an average ticket of $30 million, an increase from just...

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“The crisis has been a setback for reserve diversification."

Jan Dehn, Ashmore Investment Management